New Delhi
ONGC may sell stake in its mega petrochemical project in Gujarat to fund acquisition of Hindustan Petroleum Corp Ltd (HPCL), a senior official said. ONGC had borrowed money from banks to buy government’s 51.11% stake in HPCL for Rs 36,915 crore. “We traditionally have been a debt-free company and would like to return to that status as soon as possible. We have assets which can be monetised to pay off the debt,” he said. ONGC holds 13.77% stake in nation’s biggest refiner Indian Oil Corp (IOC), which at today’s trading price is worth close to Rs 26,000 crore. It also holds 4.86% stake in gas utility GAIL India Ltd, which is worth over Rs 3,600 crore.